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Dec 29, 2013
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volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the effect on people, this is what is going through my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe, and you look at the number of indices -- let's take maternal mortality -- in those cases, over 480 women die each year out of 100,000. when you look at countries where less than 30% of the people say they had to pay a bribe in the last year, 57 women died. if you take it down further, then it is about 10 out of 100 women. you could do the same with water and all the indices you're talking about.
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the...
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Dec 29, 2013
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volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme weather -- when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge differenc
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one....
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Dec 11, 2013
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the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial institutions. you have worked very strike, in this role, just the right balance. i congratulate you on doing that. given the absence of the distinction, i think this is an important responsibility to make sure that this works as intended. i support it. i thank you for all of your hard work. i support the adoption of the final rule. like the vice chair and you have indicated, implementation here, probably more than most rules, is the key. there is a role to play there. a series of roles. we have to navigate carefully. >> i want to set a high bar for regulatory
the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial...
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Dec 22, 2013
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volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those cases, over 480 women die each year out of a hundred thousand. in countries where less than 30% of people said they had to pay a bribe, less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people, it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those...
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Dec 3, 2013
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the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the commercial banking activities where you have some federal backing. now the rule after many years of wrangling is fairly about to come out. been threerule has years in the making. what has been taking it so long? guest: a number of things. it is very complicated. it sounds simple, but actually putting it in place has proved to be a creaky lay in task -- huge task. you also have five federal regulators involved in writing the rule, which was another decision that congress made because they wanted to make sure that there were bank regulators involved. the fe
the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the...
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Dec 20, 2013
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volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and practical difficulties. but you have a practical problem in dealing with it in very difficult circumstances. dealing with both on the delivery side and on the supply easy, and you not have to keep at it. but the world bank doesn't do it, nobody else is going to do it in this area, and if you don't do it, everybody will use it as an excuse to not do it themselves. it's obvious. getting on the delivery, getting on the execution, you've got to work, as you are, and what other agencies and the rest of us can do to help the cooperation,
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and...
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Dec 6, 2013
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rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to the whole firm. it is critical to have an effective resolution process so that individual failing firms do not jeopardize the entire financial system or leave taxpayers at risk. dodd-frank prohibits the use of tax dollars to bail out any financial firm. it requires that we will and use the tools that the law provides. the largest financial companies have already submitted living wills or blueprints for how to unwind firms if they fail. regulators will require firms to rework these plans if they are not credible. if firms are not able to pr
rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to...
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Dec 6, 2013
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with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a premium on consumer financial protection, curbs on excessive risk taking, transparency and over site and massive over the counter derivative markets and necessary tools to prevent large and financial institutions threating the financial system. some of the greatest damage to both ordinary individuals and major financial firms began with deceptive and harmful practices that left millions of americans owing more than they could ever repay. dodd-frank created the consumer protection bureau to create transparency and choice. since opening its doors in 2011, the cfb already taken bold and actions. brin
with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a...
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Dec 5, 2013
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rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the tone at the top sends the right signal to the whole firm. now, in order to make sure that taxpayers are truly protected, it is critical to have an effective resolution process so that individual family firms do not jeopardize the entire system or taxpayers at risk. dodd frank prohibits the use of taxpayer dollars to bail out any taxpaying -- any financial firm. financial crisis, a canon will use the tools the law provides. -- it can and will use the tool the law provides. regulators will require firms to rework their plans if they are not credible. if firms are not able to provide a credible pl
rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the...
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Dec 20, 2013
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vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme whether. -- weather -- [indiscernible] when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge deference -- difference in term
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years,...
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Dec 10, 2013
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crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a piece by piece, but as a whole, and the council has been effective in promoting that holistic approach to oversight and regulation. so thank you, and again, it is been a pleasure working with all of you. >> on behalf of the council, thank you both for to read this service. [applause] -- four tremendous service. -- for tremendous service. [applause] as we approach the end of the year, i think it is safe to say that in recent months we have seen one of the most active financial reform since the president signed dodd- frank into law. and finalize put mortgage will. this council designated companies for e
crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a...
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Dec 20, 2013
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ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die each year out of a hundred thousand. 30%ountries where less than of people said they had to pay a bribe. , less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people , it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and ,ook at surveys that others do i
ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die...
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Dec 3, 2013
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that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts, not the -- prior to entering the gun show. how he pamphlets are about the government is trying to take away the right to own guns and the government is doing this, that. is doing obama care is terrible. those were the guys that i wanted to talk to. were the guys with the leaflets, with the ideas. like this yourself. you?id who are i said i'm a -- i'm an academic. i'm a researcher. the researcher on these rganizations and these ideas and try to understand the guys. and study the men who believe this stuff. said -- they m looked at me. they asked me questions. here's what i ok, a
that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts,...
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Dec 24, 2013
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those 12 years, all the reagan program, and so we did have an economy that rebounded because volcker dealt with inflation, and the deficits were enormous. but they established a precedent for continuous chronic massive peacetime deficits and put the republican party, but old defender of the treasury gates, into the position that cheney so ineloquently expressed that it does not matter, and that was the beginning of the end, because it is not a conservative party that is defending the treasury, the taxpayers, and fiscal rectitude. you're going to have a free- lunch competition between tax cutters, the republicans, and spenders, the democrats, and that is why you have $17 trillion of national debt today and why it is out of control and why we have kind of a doomsday machine. >> how smart was he? >> i have learned enough to know this is not an iq-rating game. as a political leader, and a massive i.q., you are probably going to be a tremendous failure. reagan had a tremendous temperament. he had a pretty decent iq. he had some fundamental convictions that philosophically were correct, bu
those 12 years, all the reagan program, and so we did have an economy that rebounded because volcker dealt with inflation, and the deficits were enormous. but they established a precedent for continuous chronic massive peacetime deficits and put the republican party, but old defender of the treasury gates, into the position that cheney so ineloquently expressed that it does not matter, and that was the beginning of the end, because it is not a conservative party that is defending the treasury,...
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Dec 3, 2013
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that is followed by scott patterson of "the wall street journal" on volcker rule. live every morning at 7:00 a.m. eastern on c-span. as he walked in, there are tables with lots of pamphlets. the gun show.ing the pamphlets are how the government is trying to take away your right to own the guns. that, obamacare is terrible. those were the guys i wanted to talk to. those were the guys with the idea. i said is this your stuff -- they said, who are you. amaid i and i -- i said i doing research on these organizations and these ideas. trying to understand this. i study men who believe the stuff. suspiciouslyt me and asked me questions. i said here's what i am. i do not get it. here is my job. i went to understand how you see the world. i want to understand your worldview. and ill not convincing will not convince you. that is off the table. i want to understand why you think the way you do. >> downward mobility, racial and gender equality. "chael kimmel on angry white men." sunday night at 9:00 on afterwards, part of book tv on c-span2. justiceme court clarence thomas spo
that is followed by scott patterson of "the wall street journal" on volcker rule. live every morning at 7:00 a.m. eastern on c-span. as he walked in, there are tables with lots of pamphlets. the gun show.ing the pamphlets are how the government is trying to take away your right to own the guns. that, obamacare is terrible. those were the guys i wanted to talk to. those were the guys with the idea. i said is this your stuff -- they said, who are you. amaid i and i -- i said i doing...
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Dec 15, 2013
12/13
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who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. brief is going to be defined as approximately less than five minutes. then the senators john mccain and chris murphy are in the you joining a the ukraine rally. according to the associated 200 thousand antigovernment protesters are in the central square around ukraine's capital today. senator mccain appeared on cbs this morning from ukraine to talk about why he was there. there is no doubt about the andtegic and geographic every other aspect of ukraine. it is a large country, it is a cold should country, it is the beginning of russia. happening here is not only our desire to be part of the european union, which makes them look to the west, and to not be coerced into the customs
who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. brief is going to be defined as approximately less than five...
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Dec 14, 2013
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in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david? ten or so. he's written a best selling book, as you've heard, "in fed we trust." did you go with the whole title of that, david? the whole title is interesting, in fact, "in fed we bernanke's great war of 2009." thank you very much for both joining us today and look forward to this. thanks, david. >> thank you very much and thanks for doing this. i thought what we might do here is reflect a little on the lessons of history that liaquat and simon discussed, that influenced you while you were in the midst of avoiding the great depression, or likely you avoided two-thirds
in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david?...
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Dec 29, 2013
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result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us today. [applause] right from the start, i would like to make clear why fighting corruption is a critical priority for me personally and for the entire world bank group. every dollar that a corrupt official or business person puts in their pocket is $8 stolen from a pregnant woman who needs health care, or from a girl or boy who deserves an education, or communities need water, roads, schools. every dollar is critical if we are to reach our goals to end extreme poverty by 2030 and boost shared prosperity. let's not mince words. in the developing world, corruption is public enemy number one. i pledged to do all
result, urged other international financial institutions not to look the other way. 11 years later, paul volcker provided us with a clear blueprint for attacking corruption. this is an historic occasion to have both of you with us today, and a new opportunity to learn from you once again. thank you so much for coming. [applause] i am also very pleased to welcome yvette from transparency international and the finance minister from the philippines. we are also very honored to have you with us...
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Dec 13, 2013
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who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes. coming up on c-span, defense secretary chuck hagel talks about the effect of the budget agreement on military preparedness. three doctors testify about the impact of the health care law on their patients. later, treasury secretary jack lew on international finance issues. >> on the next washington journal, a look at the two-year $85 billion budget agreement and the 2014 republican agenda. our guest will be texas congressman kevin brady. more about the budget agreement with representative glenmore of wisconsin, a member of the budget and financial services committees. washington journal is live every morning at 7:0
who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes....
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Dec 19, 2013
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we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being increasingly understood by markets and increasingly understood by the people who assess this that there are going to be any more taxpayer-funded bailouts. part of that is about reducing the chances that you are in that situation again with things like volcker rule and preventing that from happening but also making sure if you are in that situation no rule is going to be perfect to prevent every problem from happening. and if you're in that situation that you have resolution mechanisms that we didn't have in our -- at our disposal to resolve those taxpayers put in a lot of money at risk for tarp. it was a
we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being...
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Dec 11, 2013
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rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host: so this was proposed as part of dodd-frank. why is it just being approved now? guest: that is a great question. it has been three years since dodd-frank passed and it took a long time to get this thing finalized. i think there's probably two things that are important to know about the genesis of the volker rule. the first thing is that the rule alsoroposed in 2011 but it proposed a lot of questions on how it should work. first of all, how banks need to be allowed to buy and sell stocks and bonds and things, that there clients can buy from them. establish that from
rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host:...
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Dec 15, 2013
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on tuesday the volcker rule, a centerpiece of these reforms was fulfilled. this rule is strong and comprehensive. it will change behavior and practice across our financial system. it also full fills the president's vision and statute's intent by setting tough but workable restrictions while continuing banks to perform necessary functions. in 2014 we'll work with the g-20 and financial stability board to promote high quality relations. we'll focus on advancing implementation of basil 3. and the high quality capital standard is met. we'll also focus on strengthening arrangements for cross border resolution of large financial institution, promote swift implementation for over the counter derivatives markets, and develop a roadmap to address risks posed by shadow banking. we've been at the forefront of efforts to advance key national security and foreign policy goals. nowhere have our efforts been more concentrated than using sanctions to advance our policy and prevent iran from obtaining a nuclear weapon. together with our international partners and with congre
on tuesday the volcker rule, a centerpiece of these reforms was fulfilled. this rule is strong and comprehensive. it will change behavior and practice across our financial system. it also full fills the president's vision and statute's intent by setting tough but workable restrictions while continuing banks to perform necessary functions. in 2014 we'll work with the g-20 and financial stability board to promote high quality relations. we'll focus on advancing implementation of basil 3. and the...
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Dec 17, 2013
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the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation. it is a step forward. in terms of the complexity -- the uncertainty he talked about. dodd-frank is a good example. we are looking about 40% of the rules now being issued three years after the law was passed. why is that? is it because the industry that is complaining about delay has caused the delay? is crocodile tears for wall street to say they are facing uncertainty. created by suing the regulators of the rules they managed to get out. the biggest reason for the uncertainty is that industry opposes the regulation so much. host: sen
the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation....
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Dec 3, 2013
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that is discussed along with the volcker rule. washington journal, every morning at 7 a.m. eastern. >> we look at the u.s. response to typhoon haiyan in the philippines. >> if you are a middle or high video student, c-span competition wants to know what is the most important issue congress should address next year. make a video and be sure to include c-span programming for the $5,000 to win grand prize with $100,000 in general prices. >> saturday with the deadline set by the administration to fix the healthcare.gov website. at a press briefing the spokesman took questions about the site. you can see the briefing on c- span.org. here is a look. >> there were reports over the weekend on this that this of the website. basically, they said the problems are over but there are other problems. thethey comfortable with level they have been operating at. >> the president to leave the site has been significantly believes the site has been significantly improved. the teams have worked for weeks now to make those improvements, including significant improvements over the weekend, but a
that is discussed along with the volcker rule. washington journal, every morning at 7 a.m. eastern. >> we look at the u.s. response to typhoon haiyan in the philippines. >> if you are a middle or high video student, c-span competition wants to know what is the most important issue congress should address next year. make a video and be sure to include c-span programming for the $5,000 to win grand prize with $100,000 in general prices. >> saturday with the deadline set by the...
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Dec 10, 2013
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can predict -- keep fingers crossed -- i think we will bring an important rule across the line, the volcker rule. again, thank you. >> i do not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a piece by piece, but as a whole, and the council has been effective in promoting that holistic approach to oversight and regulation. so thank you, and again, it is been a pleasure working with all of you. >> on behalf of the council, thank you both for tremendous service. s we approach the end of the year, i think it is safe to say that in recent months we have seen one of the most active periods of financial reform since the president signed dodd-frank into law. agencies have put and finalize mortgage will. this council designated companies for enhanced standards. federal reserve supervision,
can predict -- keep fingers crossed -- i think we will bring an important rule across the line, the volcker rule. again, thank you. >> i do not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we...
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Dec 30, 2013
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it is volcker. coverthan that, i will any story interesting to my audience. the audience should win, because if they don't they will go to somebody else. you have to bring your a game. i five segmentsds -- of day. i have been doing that for 14 years. there are enough interesting people to do that. how many years have you done? >> i don't know. >> i think i have done more than 25,000. i know i have done 10,000 interviews. >> going back to your schedule, how do you maintain -- how do you keep your mind open? how do you have time to research? you are traveling, you are speaking, you have a roadshow you do. >> it is very funny. >> had you keep track of all this? >> i was blessed with the capacity to remember things. when i read a book, i can't remember it and take copious notes. i am a very fast reader. i will read a book on the plane tomorrow, on the way back, so i will have four and a half hours. it is about a 300-page book. >> you call your wife the fetching mrs. hewitt. how do you keep her happy you are running around? >> she comes with me. we are heading upt
it is volcker. coverthan that, i will any story interesting to my audience. the audience should win, because if they don't they will go to somebody else. you have to bring your a game. i five segmentsds -- of day. i have been doing that for 14 years. there are enough interesting people to do that. how many years have you done? >> i don't know. >> i think i have done more than 25,000. i know i have done 10,000 interviews. >> going back to your schedule, how do you maintain --...
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Dec 19, 2013
12/13
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even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic recovery, bank lending? is it a drag on the recovery at all? >> so, banks play a really important role in our financial system. they help allocate capital. they help revive liquidity when they function as they should. they also help better allocate risk but when you have poor regulations and when you have poor decisions banks can do the opposite of all of that. they can miss allocate capital and put it in the wrong places that hurts our economy. they can freeze up with the ability to have liquidity and rather than diversifying if they can concentrate it and expand that risk and hurt the economy
even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic...
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Dec 14, 2013
12/13
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volcker, but he does impress this upon everyone, you need multiple fail safes. it's like nuclear power, has to be used with great, great caution. capital may be the right way to go, but the bosel committee, oh dear, didn't get it quite right, and the risk weights used in the main focus, the risk weights that we use are problematic, what is a low risk weight asset in the european context? sovereign debt. what is the only thing we know about the current european context, sovereign debt is not free, so these issues continue to play out. >> i think we have time for one more question before we adjourn. anymore questions from the audience? yes. >> i was interested in your comment about how the structure of the federal reserve system is unique in that many other central banks don't have this hybrid structure, and i wondered if you could comment on what you think the advantages or disadvantages of that are and feelings on congress, as you said, the federal reserve act could be opened up. i'm curious to know what you think about that structure and looking back on that. >
volcker, but he does impress this upon everyone, you need multiple fail safes. it's like nuclear power, has to be used with great, great caution. capital may be the right way to go, but the bosel committee, oh dear, didn't get it quite right, and the risk weights used in the main focus, the risk weights that we use are problematic, what is a low risk weight asset in the european context? sovereign debt. what is the only thing we know about the current european context, sovereign debt is not...
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Dec 11, 2013
12/13
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the volcker rule is really a ntral part of the pl dodd-frank overhaul. what it does is it says that they can't make risky trades with their own money, basically. and basically the idea is banks backed t on federal stuff like deposit insurance and others shouldn't be able to use their own money to make these speculative bets that could get them in trouble. that's the gist of it. this was proposed as part of dodd-frank. why is it being approved now? guest: that's a great question. it's been three years since dodd-frank passed. it took a long time to get this thing finalized. i think there's probably two things important to know about the genesis of the volcker rule. the first thing is that the rule was proposed in 2011, but the proposal included a whole lot of questions about how the rule should work. so like, for example, banks need to be allowed to buy and sell stocks and bonds and things their clients can buy from them. it's hard to distinguish that from making the money, how do we do that? there were a lot of questions that they had to work through and
the volcker rule is really a ntral part of the pl dodd-frank overhaul. what it does is it says that they can't make risky trades with their own money, basically. and basically the idea is banks backed t on federal stuff like deposit insurance and others shouldn't be able to use their own money to make these speculative bets that could get them in trouble. that's the gist of it. this was proposed as part of dodd-frank. why is it being approved now? guest: that's a great question. it's been three...